In the fourth phase of verifying the affidavits filed by the investors, the probing commission headed by Justice Madan Mohan Das has identified around 8,000 small investors of 15 chit fund firms, out of which 4,135 small investors were of Shine India Group.

Similarly, 1,376 investors of Sarvodaya Group of Companies and 862 of Sedil Development India Group of Companies were identified by the Commission during the probe.

After verifying the affidavits, the Commission had served notice to these chit fund firms. However, the chit fund firms did not appear before the probing Commission for the hearing.

The Commission in its next report to the government will mention about the small investors identified during the probe recommending for refund of their deposits.